Northern Trust to Provide Asset Servicing, Oversight and Governance Solutions to the UK Coal Pension Schemes
Services Include Data Solutions, Investment Analytics and Global Custody for Combined Public and Private Market Assets of US$26 Billion
LONDON – Northern Trust (Nasdaq: NTRS) has been appointed to provide a range of asset servicing solutions to Coal Pension Trustees Services Limited (CPT).
CPT is the in-house executive company owned by the British Coal Staff Superannuation Scheme and the Mineworkers’ Pension Scheme – two closed defined benefit schemes representing members who previously worked across the United Kingdom (UK) Coal industry.
Their combined assets of US$26 billion place the Coal Schemes in the top 10 pension funds by size in the United Kingdom (source: Pension Funds and Their Advisors, 2019/20 edition). CPT invests these assets on behalf of the two schemes, with the objective of delivering sustainable long-term returns for their members’ retirement provision.
Northern Trust is providing CPT with valuation reporting, performance measurement, securities lending, foreign exchange and global custody services. This includes operational and data solutions to support the oversight and governance models – including specialist fund administration and analytics for its private markets portfolio.
Janka Unsworth Deckerova, head of financial operations at CPT comments: “As we work to deliver retirement provision to members of our two schemes, Northern Trust’s capabilities support the investment activities and broader decision-making of teams across our organization. Its ability to provide high-quality data to support our public and private market investments, as well as our evolving operating model and data strategy, were among the reasons for this appointment.”
Mark Austin, head of UK, Institutional Investor Group at Northern Trust, said: “Northern Trust’s technology, global scale and knowledge of the retirement industry all equip us in delivering services to support CPT’s long-term objectives and future requirements. While the current environment is driving significant complexity and challenge for UK pensions, we are well-placed to help administer their evolving mix of investments and help clients meet their obligations around governance, reporting and risk management.”
Northern Trust’s Institutional Investor Group provides services to more than 290 UK pension funds with collectively more than US$945 billion (as at 31 December 2020) in assets under custody. Clients serviced include defined contribution master trusts, defined benefit corporate schemes and funds of the UK Local Government Pension Scheme, with assets varying in size from US$20 million to US$60 billion.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2021, Northern Trust had assets under custody/administration of US $14.8 trillion, and assets under management of US $1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.
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